PGGM Investments cut its position in shares of Avery Dennison Corporation (NYSE:AVY) by 1.7% during the second quarter, Holdings Channel reports. The fund owned 371,695 shares of the industrial products company’s stock after selling 6,395 shares during the period. PGGM Investments’ holdings in Avery Dennison Corporation were worth $32,847,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of the stock. Kentucky Retirement Systems bought a new stake in Avery Dennison Corporation during the fourth quarter worth about $453,000. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Avery Dennison Corporation during the fourth quarter worth about $202,000. Macquarie Group Ltd. boosted its stake in Avery Dennison Corporation by 314.8% in the fourth quarter. Macquarie Group Ltd. now owns 11,200 shares of the industrial products company’s stock worth $787,000 after buying an additional 8,500 shares during the last quarter. Chevy Chase Trust Holdings Inc. boosted its stake in Avery Dennison Corporation by 74.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 130,392 shares of the industrial products company’s stock worth $10,510,000 after buying an additional 55,542 shares during the last quarter. Finally, Fruth Investment Management bought a new stake in Avery Dennison Corporation during the first quarter worth about $225,000. Institutional investors own 86.96% of the company’s stock.
Avery Dennison Corporation (AVY) opened at 91.82 on Friday. The stock’s 50 day moving average price is $89.52 and its 200-day moving average price is $82.46. Avery Dennison Corporation has a one year low of $68.55 and a one year high of $94.49. The firm has a market capitalization of $8.13 billion, a price-to-earnings ratio of 24.11 and a beta of 1.18.
Avery Dennison Corporation (NYSE:AVY) last posted its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.10. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. Avery Dennison Corporation had a return on equity of 39.29% and a net margin of 6.14%. The business’s revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.09 earnings per share. On average, equities research analysts anticipate that Avery Dennison Corporation will post $4.80 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, September 6th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date is Friday, September 1st. Avery Dennison Corporation’s dividend payout ratio is currently 42.25%.
A number of equities research analysts have issued reports on AVY shares. KeyCorp reiterated a “hold” rating on shares of Avery Dennison Corporation in a research note on Wednesday, April 26th. Barclays PLC reiterated an “overweight” rating and issued a $96.00 target price (up from $95.00) on shares of Avery Dennison Corporation in a research note on Monday, May 1st. Zacks Investment Research cut Avery Dennison Corporation from a “buy” rating to a “hold” rating in a research note on Friday, May 19th. Aegis reiterated a “hold” rating on shares of Avery Dennison Corporation in a research note on Thursday, June 1st. Finally, BidaskClub cut Avery Dennison Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. Three equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $91.67.
In other Avery Dennison Corporation news, VP Deon Stander sold 5,000 shares of the business’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $84.50, for a total value of $422,500.00. Following the transaction, the vice president now owns 10,998 shares of the company’s stock, valued at $929,331. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Anthony Anderson sold 6,248 shares of the business’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $85.15, for a total value of $532,017.20. Following the completion of the transaction, the director now directly owns 1,244 shares in the company, valued at approximately $105,926.60. In the last three months, insiders sold 12,198 shares of company stock worth $1,034,716. Insiders own 1.40% of the company’s stock.
Avery Dennison Corporation Company Profile
Avery Dennison Corporation (Avery Dennison) is engaged in the production of pressure-sensitive materials and a range of tickets, tags, labels and other converted products. The Company’s segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM).
By Tristan Rich
Source: The Markets Daily
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